Columbia is the capital city of South Carolina in the southeastern US. The population of Columbia reaches up to 135 000 residents, with its territory of approximately 361,7 km². It also includes 8 districts, which increase the metropolitan population to almost 840 000 people. No wonder realtors in Columbia PA have a lot of clients and a lot of work.
Columbia is famous for its university which is not surprisingly called the University of South Carolina and its military base, the biggest in the country. The city attracts many people including students and elderlies as it offers plenty of job opportunities, a good healthcare system, strong financing and banking as well as many ideas for leisure and entertainment.
Over the last decades, the population growth in the city and its suburbs has been observed. The numbers speak louder. Over the last decade, population growth is estimated at almost 6%. In the surrounding areas and neighborhoods, the numbers are even more impressive. They exceed almost 12%. Predictions about population growth are quite positive as well. Pursuant to it, the population of the metropolitan will increase by 60 000 within 8 years. Population growth will have a positive effect on demographic change. It should be noted that the population is also increasing due to newcomers who are attracted to the city and living conditions in it. Realtors in PA are in real demand for their work
The demographic boom, in turn, is developing the real estate market and the human capital market. Investors are becoming more and more willing to invest in infrastructure, business and housing development. The most popular industries are banking and finance, IT industry and business, and of course entertainment.
Colombia’s population is highly educated and progressive. Almost half of Colombia’s adult population has a bachelor’s degree. In addition, the city is among the top 25 cities in the country by the number of residents with a doctorate.
Unemployment in Colombia remains relatively low and even continues to decline. In 2021, the unemployment rate fell by almost 3%. Jobs are expected to grow by more than 27% in a decade, further improving economic stability. Colombia is home to many world-famous companies and enterprises, including Amazon, Columbia Sportswear, Michelin North America, Westinghouse Electric and many others. Colombia has air, rail and road services, as well as a port, which also makes a significant contribution to economic development.
Real estate market situation
By discussing the demographic and economic situation in Colombia, it is easier to understand current trends and forecasts in the real estate market. In general, the real estate market in Colombia supports the same trends as the market in the United States as a whole. The amount of available real estate in the city is declining, while demand for it is only growing. Over the past year, the number of available homes on the market has decreased by 12 percent, and the price has risen almost as much.
Although the market in Colombia is not the hottest in the country, the figures indicate the arrival of an anticyclone. Real estate prices are expected to grow by about 5% and sales by 6 and a half percent.
Important factors in such statistics are that housing in Colombia is relatively cheaper compared to the average price in the country, and the same applies to the taxation system. The average cost of housing is $ 188,892. It has grown by 15% over the last year and has grown by more than half over the last 5 years. The property is on the market for about 40 days before finding new owners. Buying property in the most elite areas of Colombia such as Hollywood-Rose Hill will cost more than $ 400,000, while housing in a more affordable place like Skyland will cost about $ 80,000.
Rental deserves special attention, as almost half of Colombians rent housing, not own it. Colombia is one of the best cities to rent real estate, as the prices are relatively affordable and the quality of life is decent. The average cost of rent ranges from 900-1300 dollars, although it should be noted that over the past year the rent has increased by more than 10%. Rent in more elite areas will cost an average of $ 1,800 for a three-room apartment.
Finally, it is worth talking about future trends and changes in the market. Analyzing the supply and demand in the market, it can be concluded that prices will continue to rise for both the purchase and rental of housing. This is due to the trend of declining affordable housing and demographic change, namely population growth. Despite this, Colombia still remains one of the most affordable cities to buy real estate with the average cost of housing being 3% lower than the average for the entire United States.
In addition, Colombia is booming in business, education and science and technology. The public health and education systems are among the best in the United States. Undoubtedly, Colombia is a city of incredible nature, pleasant climate and beautiful scenery, which is the icing on the cake. And for people who love cultural holidays, Colombia will offer many ideas, including art galleries and gourmet restaurants. And after all, America does not exist without sports. Colombia offers a lot of activities and entertainment to all sports fans.
So, if you are still hesitant about considering Colombia as your potential home, consider all these facts again and prepare your suitcases.